Oil prices neared $100 a barrel as geopolitical tensions in the Middle East disrupted global markets, pushing U.S. futures and Treasury yields higher. The Strait of Hormuz saw increased instability after Iran laid mines and targeted energy infrastructure, worsening trade concerns. While oil prices dipped below $100 during the session, sustained pressure from conflict risks kept prices elevated. U.S. equity markets declined as investors weighed the economic impact of rising energy costs and supply chain bottlenecks.

The U.S. Treasury yields rose alongside oil prices, reflecting broader market uncertainty. Analysts note that prolonged volatility in the region could further strain global energy supplies and investor confidence.